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On November 1, Year 1, Shumate Company paid $1,200 in advance for an insurance policy that covered the company for six months. Which of the following describes the adjusting entry required on December 31, Year 1 to recognize insurance used up or expired?

Question 46 —  Michael Company experienced the following events during the year ended Dec. 31, Year 1: a) Performed services for $45,000 cash. b) Performed $20,000 of services on account. c) Purchased land for $5,000 cash. d) Paid $36,000 cash for salaries expense. e) Collected $14,000 from accounts receivable. f) On December 20, received $18,000 cash in advance from customers for services Michael will provide starting on January 1 of next year. g) On December 31, recorded the adjusting entry to accrue $7,000 of operating expenses incurred on account. Required: Complete the journal entries by entering the appropriate account title in each blank. Event Account Title Debit Credit a) [a1] $45,000     Service Revenue   $45,000 b) [b1] $20,000     [b2]   $20,000 c) [c1] $5,000     Cash   $5,000 d) [d1] $36,000     Cash   $36,000 e) [e1] $14,000     [e2]   $14,000 f) Cash $18,000     [f1]   $18,000 g) [g1] $7,000     [g2]   $7,000

Interest expense is shown as an operating expense on the Income Statement, and the related cash paid for interest is shown in the Financing Activities section of the Statement of Cash Flows.

A transaction has been recorded by Tag Company as follows: Which of the following could be an explanation for this transaction?

If cost of goods sold is too high (overstated), then

During assessment, a psychiatric-mental health nurse asks a 32-year-old male patient to explain what the following means: “A penny saved is a penny earned.” The nurse is assessing which ONE component of a MSE?

A 2.0 kg block is pushed against a spring with a spring constant of 800 N/m, compressing the spring by 0.20 m. The block is then released on a frictionless horizontal surface. The spring pushes the block forward and eventually returns to its natural length. What is the speed of the block when the spring returns to its natural length?

Which statement best describes the conservation of mechanical energy?

A 1,200 kg car is traveling at a speed of 10.0 m/s. What is the car’s kinetic energy in kJ? where, 1 kJ =1000 J

A 70.0 kg person climbs a flight of stairs and gains 60.0 m of vertical height. If the human body is 20% efficient at converting metabolic energy into mechanical work, approximately how many kilocalories (kcal) of energy does the person use? (Given,  1 kcal = 4184 J )